The International Finance Corporation is considering a commitment of $10 million to a new fund from India-based Alkemi Growth Capital, according to documents from the institution. The proposed commitment is pending approval at IFC’s October 9 board meeting alongside a co-investment proposal of $5 million.
Alkemi, based in New Delhi, is a women-led venture firm founded by McKinsey & Co alum Alka Goel. It invests in early- and late-stage rounds of healthcare companies based in India. The firm began raising its sophomore vehicle in January and recently held a first close on $49.7 million, toward a target of $75 million, IFC documents state.
Besides the pending commitment from IFC, Fund II has secured a $5 million commitment from the Teachers’ Retirement System of the State of Illinois and an undisclosed amount from Small Industries Development Bank of India, according to fundraising data from affiliate title Private Equity International.
Alkemi closed its debut fund in 2018 and has built a portfolio of 11 companies with its investments ranging from Series A to Series C rounds.
The firm is led by founding partner Goel, who previously served as a healthcare-focused partner at McKinsey for more than 17 years, and partner Mansi Aggarwal, a healthcare entrepreneur and medical device researcher turned venture capitalist.
The firm also boasts an impressive advisory board whose members include Utsav Baijal, managing director of Apollo Global India; Priyanka Aggarwal, head of Asia for healthcare for Boston Consulting Group; and Pankaj Sahni, CEO of Medanta Hospital.
Alkemi has made a number of investments in the past 12 months. Start-ups recently added to its portfolio include Medulance, which is developing an emergency medical application; Slurrp Farm, a healthy food producer; and Saveo, a pharmaceutical distribution platform, according to Alkemi’s website.
IFC is a subsidiary of the World Bank Group and was created in 1956 to encourage private sector investment in developing regions. Staff at the institution proposed the commitment to Alkemi because of the firm’s focus on Indian healthcare and consumer wellness companies, which captured just 1 percent of total invested VC dollars in 2023, according to documents published on IFC’s website.
The documents note that Alkemi sought a commitment from IFC for its debut fund, but IFC declined due to the firm being too new. The organization’s staff rated the potential outcome for Fund II as “strong-very strong.”
“Despite a rapidly growing demand for healthcare services in India, healthtech and biotech, medical devices and diagnostics sectors represented only 5 percent and 1 percent of VC capital invested between 2019 and 2023, respectively,” staff wrote in the documents. “If successful, IFC expects the fund manager [Alkemi] to be able to address a clear financing gap for healthcare start-ups in the country.”
IFC says it has invested and committed more than $2.7 billion to 165 start-ups and 122 fund managers in developing regions as of July 2023. In 2016 the institution launched Startup Catalyst, a platform targeted at accelerators and seed funds based in or investing in developing regions. It committed $60 million to the project in December 2022.
The International Finance Corporation is considering a commitment of $10 million to a new fund from India-based Alkemi Growth Capital, according to documents from the institution. The proposed commitment is pending approval at IFC’s October 9 board meeting alongside a co-investment proposal of $5 million.
Alkemi, based in New Delhi, is a women-led venture firm founded by McKinsey & Co alum Alka Goel. It invests in early- and late-stage rounds of healthcare companies based in India. The firm began raising its sophomore vehicle in January and recently held a first close on $49.7 million, toward a target of $75 million, IFC documents state.
Besides the pending commitment from IFC, Fund II has secured a $5 million commitment from the Teachers’ Retirement System of the State of Illinois and an undisclosed amount from Small Industries Development Bank of India, according to fundraising data from affiliate title Private Equity International.
Alkemi closed its debut fund in 2018 and has built a portfolio of 11 companies with its investments ranging from Series A to Series C rounds.
The firm is led by founding partner Goel, who previously served as a healthcare-focused partner at McKinsey for more than 17 years, and partner Mansi Aggarwal, a healthcare entrepreneur and medical device researcher turned venture capitalist.
The firm also boasts an impressive advisory board whose members include Utsav Baijal, managing director of Apollo Global India; Priyanka Aggarwal, head of Asia for healthcare for Boston Consulting Group; and Pankaj Sahni, CEO of Medanta Hospital.
Alkemi has made a number of investments in the past 12 months. Start-ups recently added to its portfolio include Medulance, which is developing an emergency medical application; Slurrp Farm, a healthy food producer; and Saveo, a pharmaceutical distribution platform, according to Alkemi’s website.
IFC is a subsidiary of the World Bank Group and was created in 1956 to encourage private sector investment in developing regions. Staff at the institution proposed the commitment to Alkemi because of the firm’s focus on Indian healthcare and consumer wellness companies, which captured just 1 percent of total invested VC dollars in 2023, according to documents published on IFC’s website.
The documents note that Alkemi sought a commitment from IFC for its debut fund, but IFC declined due to the firm being too new. The organization’s staff rated the potential outcome for Fund II as “strong-very strong.”
“Despite a rapidly growing demand for healthcare services in India, healthtech and biotech, medical devices and diagnostics sectors represented only 5 percent and 1 percent of VC capital invested between 2019 and 2023, respectively,” staff wrote in the documents. “If successful, IFC expects the fund manager [Alkemi] to be able to address a clear financing gap for healthcare start-ups in the country.”
IFC says it has invested and committed more than $2.7 billion to 165 start-ups and 122 fund managers in developing regions as of July 2023. In 2016 the institution launched Startup Catalyst, a platform targeted at accelerators and seed funds based in or investing in developing regions. It committed $60 million to the project in December 2022.
